Seminar - Real Estate Fraud

Speaker: Peter Themos from Genworth Financial Canada
Location: Century 21 Green Realty office in Mississauga

Peter has been in the financial industry for over 10 years. Peter's vast experience and knowledge helped make the seminar informative and interactive while supported with real life fraud examples.

Seminar Highlights:
1. Cost of Canadian Mortgage Fraud

• 1999 - $73 Million
• 2000 - $75 Million
• 2001 - $300 Million
• 2008 - $1.5 Billion

2. Common types of frauds

• Straw borrowers
• Flipping the property
• Oklahoma scheme
• Churning
• Covenant take over
• Equity skimming
  

3. Consequences

• Personal property seized
• Legal bills and fines
• Jail time
• Lose professional license
• Loss of REPUTATION
  

We, as real estate salesperson and brokers, must be forever vigilant in detecting and reporting any suspicious activity during a transaction to help prevent fraud.

GREAT seminar Peter...I hope Peter returns with more educational seminars related to real estate industry.